Equity benchmark Sensex rallied 437 points on Wednesday, tracking gains in Infosys, HUL and TCS amid a positive trend in global markets. The 30-share BSE index ended 437.49 points or 0.95 per cent higher at 46,444.18. The broader NSE Nifty surged 134.80 points or 1 per cent to close at 13,601.10.
HUL was the top gainer in the Sensex pack, spurting around 3 per cent, followed by Infosys, M&M, ITC, SBI, IndusInd Bank, Bajaj Finance, Asian Paints, TCS and Bharti Airtel. On the other hand, Titan, PowerGrid and NTPC were among the laggards.
According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities recovered sharply from early losses mainly on positive global cues and sharp rebound in IT, PSU banks and pharma. “Stimulus bill in the US continued to offer support to emerging markets including India. However, emerging risk pertaining to new coronavirus strain made investors focus back on defensive sectors including IT, Pharma and FMCG,” he noted.
While new imposed economic restrictions in various countries and threat of new coronavirus strain to other nations weigh on investors’ sentiments, he said India still appears to be better placed given consistent reduction in new coronavirus cases and improvement in recovery rates. Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo ended on a positive note.
Stock exchanges in Europe were also trading with gains in early deals. Meanwhile, the global oil benchmark Brent crude futures rose 0.12 per cent to USD 50.14 per barrel.